6 Ways a Budget Spreadsheet Can Help Transform Your Finances
Today’s spreadsheet is much more powerful than the first spreadsheet developed by Dan Bricklin with others in 1979. Most businesses, banks, and governments use spreadsheets for their financial work, such as creating a monthly budget spreadsheet and tracking expenses.
In addition to businesses, banks, and government, a budget spreadsheet also provides you, an individual user, with a 100% control over budgeting. Moreover, it does so in a flexible, customizable, easy, and accessible way. The potential of a monthly budget sheet to manage money is still growing; Microsoft has announced Money in Excel to integrate your finance to spreadsheets.
Out of many, the following are the six most common ways monthly budget spreadsheet is helpful for you:
- Readily available and accessible.
- It makes budgeting easier.
- Saves money; it is free.
- Proactively points out deviations.
- Highly customizable
- Easy to update.
It is readily available and accessible.
A Monthly Budget Spreadsheet is a readily available tool to help you draw your budget and place all your financial information.
It is easy to access and often available on devices such as mobiles, PC, Mac, and laptops. Once you have set up your monthly budget using a spreadsheet and have saved it in the cloud, you can access it from all the devices.
Your monthly budget is available with you anywhere, 24/7. The ready availability of the budget lets you see your spending, savings, investing, and planning activities for better financial control.
It makes budgeting easier.
Many people thinking about various apps to manage finances often overlook spreadsheets, which may be the best option. They believe that spreadsheets are difficult to use, and there is a need to spend a lot of time learning the use.
A monthly budget spreadsheet is a lot easier to set up and use. It is one of the most used efficient ways to set up and use your budget. It can prove a valuable tool for budgeting, even if you do not have prior experience using it. In a monthly budget sheet, most basic budgeting formulas are easy to use intuitively, and you may unlock more powerful features at your pace.
Getting started with a monthly budget sheet is also easy. There is a good chance that you will find and already created a budget template for you. The template makes it a lot easier to set up your budget – enter your figures, and you are ready to manage money.
It saves money; it is free.
Based on your choice of a spreadsheet program, your monthly budget sheet may or may not free. In addition to priced solutions such as MS Excel, some of the spreadsheet apps are free such as Google Sheets and Calc. Calc is a spreadsheet program that is part of the open-source Libre Office.
For a basic user, these free spreadsheet programs have all about budgeting. Thus, a budget spreadsheet helps you manage money without spending money!
It proactively points out deviations.
Your objective is to achieve your financial goals through your spending, saving, investing, and planning activities. A monthly budget sheet helps you track your financial performance and goal achievement. It has built-in functions to proactively point out deviation from planned spending, saving, and investing amounts.
As financial numbers go outside a planned range, a monthly budget sheet can highlight the numbers and indicate a need for attention and control. For example, a spending amount exceeding its expected amount may be highlighted in red to catch attention and activate your control.
You can create a whole set of rules to highlight deviation from planned figures is a specific color or in particular ways.
It is highly customizable.
Now once entered on the spreadsheet, your monthly budget becomes highly controllable and customizable. It can show your spending, saving, and investing activities in the way you wish or find yourself comfortable. Thus, it becomes a tool to manage your budget in your way – even on a visually attractive and customized dashboard.
The use of a personal and customized dashboard can make your finance easier, meaningful, and result-oriented.
Likewise, after developing skills, you can create scenarios to determine and evaluate various opportunities to invest money.
It is easy to update.
When you have put your numbers in cells of a monthly budget sheet, it only takes a few minutes to update them. Expenses are always fluctuating in price, another reason why a monthly budget spreadsheet is the best way to go. It’s easy to manage and change when needed.
How could a monthly budget spreadsheet help you?
If you found this article motivating, then we’ve done our job! If you haven’t tried downloading a monthly budget spreadsheet online, we encourage you to do so and see if you notice any differences in finances, spending, motivation etc.